Chinese move into luxury Manhattan property

on August 26 2014 | in Daily Headlines | by | with No Comments

Owning a home on US soil is no longer only an American dream. Increasingly, buyers from China are snapping up luxury property in America, particularly in high-priced markets like New York.

Cynthia Liu, 26, is among the Chinese buyers who have decided to invest in upmarket residential real estate here.

Ms Liu grew up in Beijing but now works in Manhattan, where she recently bought a spacious one-bedroom flat in a high-rise with a view of the city’s famous skyline. She is still unpacking boxes, but says she is very happy with her new home.

Ms Liu’s family sold property in China to pay for her new flat, believing that the Chinese real estate market is cooling and American property is a better asset.

“I feel like it’s safer to move the money from China to New York and invest in some more stable real estate properties,” Ms Liu says.

The real estate sector in New York is scrambling to court buyers like Ms Liu and her peers.

“We are becoming very, very focused on our Asian neighbour,” says Nikki Field, a senior estate agent at Sotheby’s International Realty.

Ms Field specialises in selling luxury flats to the Chinese. Since 2008, she has taken regular trips to mainland China to meet potential buyers and has also enrolled in Mandarin lessons and university courses on Chinese business and culture.

The number of her Chinese clients keeps increasing, Ms Field says, and has shown no signs of slowing down so far this year.

The National Association of Realtors reports that the Chinese invested $22bn (£13bn) in American residential real estate in the year ending in March, a nearly 72% increase from the year before.

According to Ms Field a quarter of all buyers in Manhattan came from Asia in the first half of this year.

Read more at BBC News.

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